The latest initial public offering from the Dubai government, featuring shares in the city’s public-parking business, saw a swift sellout as soon as books opened. Parkin Co. PJSC's offering, with the potential to raise up to 1.57 billion dirhams ($429 million), garnered strong investor interest, covering the price range within minutes of opening for subscriptions on Tuesday, according to terms of the deal obtained by Bloomberg. The price range for Parkin was established at 2 dirhams to 2.10 dirhams per share, with the firm's valuation reaching up to $1.7 billion, as outlined in a statement.

The Dubai Investment Fund is divesting a 25% stake, offering 749.7 million shares. The subscription period closes on March 12 for retail investors and a day later for fund managers, with the final price announcement slated for March 14 and trading set to commence on March 21. This marks the sixth privatization by the Dubai government, aligning with a broader initiative unveiled in late 2021 to list 10 state-owned companies. The move aims to bolster trading volumes and mirrors similar efforts in Abu Dhabi and Riyadh.